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Junior Loan Officer Careers

Junior loan officers are responsible for assisting senior loan officers in creating and closing loan packages. They review options with senior loan officers to recommend based on the applicant's financial status. They also collect financial information in order to prepare the loan file, assist applicants with loan applications, and assess applicants' financial situation and eligibility.

Junior loan officers earn an average salary of $47,000 annually or $23 per hour. They work alongside a senior mortgage loan officer to find potential home loan mortgage applicants, help them navigate the loan process, and assist with preparing and closing the mortgage loan transaction. They analyze financial data to determine an applicant's creditworthiness and ability to repay a home mortgage loan.

In terms of academic qualifications, junior loan officers typically hold a high school diploma or its equivalent. Although a bachelor's degree in business, finance, or other related fields may be beneficial in the long run. They are expected to have some years of experience as a loan officer or in a similar role. Some employers prefer candidates with a keen eye for detail and excellent interpersonal and communication skills.

There is more than meets the eye when it comes to being a junior loan officer. For example, did you know that they make an average of $23.12 an hour? That's $48,091 a year!

Between 2018 and 2028, the career is expected to grow 8% and produce 24,300 job opportunities across the U.S.

What Does a Junior Loan Officer Do

There are certain skills that many junior loan officers have in order to accomplish their responsibilities. By taking a look through resumes, we were able to narrow down the most common skills for a person in this position. We discovered that a lot of resumes listed detail oriented, initiative and interpersonal skills.

When it comes to the most important skills required to be a junior loan officer, we found that a lot of resumes listed 28.6% of junior loan officers included loan portfolio, while 12.9% of resumes included loan applications, and 9.8% of resumes included outbound calls. Hard skills like these are helpful to have when it comes to performing essential job responsibilities.

When it comes to searching for a job, many search for a key term or phrase. Instead, it might be more helpful to search by industry, as you might be missing jobs that you never thought about in industries that you didn't even think offered positions related to the junior loan officer job title. But what industry to start with? Most junior loan officers actually find jobs in the finance and hospitality industries.

How To Become a Junior Loan Officer

If you're interested in becoming a junior loan officer, one of the first things to consider is how much education you need. We've determined that 47.9% of junior loan officers have a bachelor's degree. In terms of higher education levels, we found that 10.2% of junior loan officers have master's degrees. Even though most junior loan officers have a college degree, it's possible to become one with only a high school degree or GED.

Choosing the right major is always an important step when researching how to become a junior loan officer. When we researched the most common majors for a junior loan officer, we found that they most commonly earn bachelor's degree degrees or associate degree degrees. Other degrees that we often see on junior loan officer resumes include master's degree degrees or high school diploma degrees.

You may find that experience in other jobs will help you become a junior loan officer. In fact, many junior loan officer jobs require experience in a role such as customer service representative. Meanwhile, many junior loan officers also have previous career experience in roles such as cashier or sales associate.

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Average Salary
$48,091
Average Salary
Job Growth Rate
8%
Job Growth Rate
Job Openings
48,919
Job Openings

Junior Loan Officer Career Paths

Top Careers Before Junior Loan Officer

Cashier
10.2 %

Top Careers After Junior Loan Officer

Junior Loan Officer Jobs You Might Like

What is the right job for my career path?

Tell us your goals and we'll match you with the rights job to get there.

Average Salary for a Junior Loan Officer

Junior Loan Officers in America make an average salary of $48,091 per year or $23 per hour. The top 10 percent makes over $64,000 per year, while the bottom 10 percent under $36,000 per year.
Average Salary
$48,091
Find Your Salary Estimate
How much should you be earning as an Architect? Use Zippia's Salary Calculator to get an estimation of how much you should be earning.

Best Paying Cities

City
ascdesc
Average Salarydesc
Mount Laurel, NJ
Salary Range46k - 75k$59k$59,391
Schaumburg, IL
Salary Range44k - 68k$55k$55,198
New York, NY
Salary Range43k - 70k$55k$55,105
Cleveland, OH
Salary Range39k - 64k$51k$50,858
Charlotte, NC
Salary Range40k - 62k$50k$49,926
Plano, TX
Salary Range38k - 60k$48k$47,987
$29k
$75k

Recently Added Salaries

Job TitleCompanyascdescCompanyascdescStart DateascdescSalaryascdesc
Junior Closing Officer
Junior Closing Officer
Realogy Holdings Corporation
Realogy Holdings Corporation
06/09/2021
06/09/2021
$43,82706/09/2021
$43,827
Junior Loan Officer
Junior Loan Officer
Randstad
Randstad
06/03/2021
06/03/2021
$30,26206/03/2021
$30,262
Junior Loan Production Officer
Junior Loan Production Officer
Phoenix Staffing
Phoenix Staffing
05/05/2021
05/05/2021
$31,30505/05/2021
$31,305
Junior Loan Production Officer
Junior Loan Production Officer
Phoenix Staffing
Phoenix Staffing
05/05/2021
05/05/2021
$31,30505/05/2021
$31,305
Junior Closing Officer
Junior Closing Officer
Realogy
Realogy
03/11/2021
03/11/2021
$43,82703/11/2021
$43,827
See More Recent Salaries

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Junior Loan Officer Demographics

Gender

male

54.8 %

female

39.4 %

unknown

5.8 %

Ethnicity

White

68.8 %

Hispanic or Latino

14.6 %

Black or African American

8.2 %

Foreign Languages Spoken

Spanish

50.0 %

French

6.1 %

Russian

6.1 %
See More Demographics

Junior Loan Officer Education

Majors

Business
27.6 %
Finance
11.0 %

Degrees

Bachelors

47.9 %

Certificate

15.5 %

Associate

12.1 %

Top Colleges for Junior Loan Officers

1. University of Pennsylvania

Philadelphia, PA • Private

In-State Tuition
$55,584
Enrollment
10,764

2. Northwestern University

Evanston, IL • Private

In-State Tuition
$54,568
Enrollment
8,451

3. University of Southern California

Los Angeles, CA • Private

In-State Tuition
$56,225
Enrollment
19,548

4. SUNY at Binghamton

Vestal, NY • Private

In-State Tuition
$9,808
Enrollment
13,990

5. Villanova University

Villanova, PA • Private

In-State Tuition
$53,308
Enrollment
6,819

6. San Diego State University

San Diego, CA • Private

In-State Tuition
$7,488
Enrollment
30,018

7. Bentley University

Waltham, MA • Private

In-State Tuition
$49,880
Enrollment
4,177

8. Boston University

Boston, MA • Private

In-State Tuition
$53,948
Enrollment
17,238

9. SUNY Stony Brook

Stony Brook, NY • Private

In-State Tuition
$9,625
Enrollment
17,407

10. New York University

New York, NY • Private

In-State Tuition
$51,828
Enrollment
26,339
See More Education Info

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Advanced Mortgage Loan Processor: Essential Skills Training
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Top Skills For a Junior Loan Officer

The skills section on your resume can be almost as important as the experience section, so you want it to be an accurate portrayal of what you can do. Luckily, we've found all of the skills you'll need so even if you don't have these skills yet, you know what you need to work on. Out of all the resumes we looked through, 28.6% of junior loan officers listed loan portfolio on their resume, but soft skills such as detail oriented and initiative are important as well.

Best States For a Junior Loan Officer

Some places are better than others when it comes to starting a career as a junior loan officer. The best states for people in this position are New Jersey, Massachusetts, Connecticut, and Wisconsin. Junior loan officers make the most in New Jersey with an average salary of $59,658. Whereas in Massachusetts and Connecticut, they would average $56,482 and $55,671, respectively. While junior loan officers would only make an average of $55,142 in Wisconsin, you would still make more there than in the rest of the country. We determined these as the best states based on job availability and pay. By finding the median salary, cost of living, and using the Bureau of Labor Statistics' Location Quotient, we narrowed down our list of states to these four.

1. New Jersey

Total Junior Loan Officer Jobs:
1,177
Highest 10% Earn:
$94,000
Location Quotient:
1.06
Location Quotient is a measure used by the Bureau of Labor Statistics (BLS) to determine how concentrated a certain industry is in a single state compared to the nation as a whole. You can read more about how BLS calculates location quotients here

2. South Dakota

Total Junior Loan Officer Jobs:
163
Highest 10% Earn:
$74,000
Location Quotient:
1.09
Location Quotient is a measure used by the Bureau of Labor Statistics (BLS) to determine how concentrated a certain industry is in a single state compared to the nation as a whole. You can read more about how BLS calculates location quotients here

3. Wisconsin

Total Junior Loan Officer Jobs:
782
Highest 10% Earn:
$83,000
Location Quotient:
1.01
Location Quotient is a measure used by the Bureau of Labor Statistics (BLS) to determine how concentrated a certain industry is in a single state compared to the nation as a whole. You can read more about how BLS calculates location quotients here
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Top Junior Loan Officer Employers

1. United States Navy
3.7
Avg. Salary: 
$44,323
Junior Loan Officers Hired: 
20+
2. Navy Federal Credit Union
4.7
Avg. Salary: 
$84,224
Junior Loan Officers Hired: 
11+
3. Merit Financial
3.7
Avg. Salary: 
$45,637
Junior Loan Officers Hired: 
9+
4. First Capital
4.4
Avg. Salary: 
$56,043
Junior Loan Officers Hired: 
7+
5. Freedom Mortgage
4.8
Avg. Salary: 
$74,538
Junior Loan Officers Hired: 
6+
6. United States Army
4.2
Avg. Salary: 
$42,781
Junior Loan Officers Hired: 
6+
Updated October 2, 2020